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US Equity Index Options Trader

DRW · Chicago, IL · $250,000–$300,000 a year · FICC Options Management

Posted Aug 19, 2026 · We last checked this listing on Oct 6, 2026

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Likely interview questions for this role

Written from this job description, not a generic list. Each one notes what the interviewer is really checking.

About your past

Tell me about a trade that lost money. What did your post-trade review show?

What they are checking: Whether they learn honestly from losses, which matters since the posting stresses post-trade analysis.

Tell me about a time you improved an execution or pricing process.

What they are checking: Whether they refine their approach over time, as the role asks.

How do you work with quants and developers to improve your trading tools?

What they are checking: Whether they can collaborate across a technology-driven firm instead of trading alone.

What is the most interesting thing you have noticed in index options markets recently?

What they are checking: Genuine curiosity and engagement with the market beyond the desk routine.

What would you do

You are short gamma and the market drops 3 percent in an hour. What do you do?

What they are checking: Composure and a clear risk plan when a position moves against them fast.

You disagree with a risk limit set by management. How do you handle it?

What they are checking: Whether they respect controls while making a reasoned case for change.

About the work

Walk me through how you manage the Greeks on a book of SPX options heading into a big macro event.

What they are checking: Whether they think about gamma, vega and event risk in a concrete, practical way.

How do you read the volatility surface, and what tells you skew is mispriced?

What they are checking: Depth in volatility analysis, which the posting names as core to finding trades.

What market flows do you watch in index options, and how do they change your pricing?

What they are checking: Whether they understand how customer and dealer flows move prices.

How would you price a dispersion trade between index and single-stock options?

What they are checking: Whether they understand correlation and the link between index and equity options.

How do microstructure details like tick size or auction timing affect your trading?

What they are checking: Attention to the small mechanics that create edge in listed options.

Practice this interview out loud.

Offer builds a real interview for this exact role at DRW from your resume and this job description, asks the questions one at a time, and tells you what landed. The first one is free.

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The full job description

As published by DRW.

  DRW is a diversified trading firm with over 3 decades of experience bringing sophisticated technology and exceptional people together to operate in markets around the world. We value autonomy and the ability to quickly pivot to capture opportunities, so we operate using our own capital and trading at our own risk. Headquartered in Chicago with offices throughout the U.S., Canada, Europe, and Asia, we trade a variety of asset classes including Fixed Income, ETFs, Equities, FX, Commodities and Energy across all major global markets. We have also leveraged our expertise and technology to expand into three non-traditional strategies: real estate, venture capital and cryptoassets. We operate with respect, curiosity and open minds. The people who thrive here share our belief that it’s not just what we do that matters–it's how we do it. DRW is a place of high expectations, integrity, innovation and a willingness to challenge consensus   We are seeking a US Equity Index Trader to join our US Options Trading team. How you will make an impact • Actively trade US index and equity options, managing positions and risk. • Analyze market flows, volatility, and microstructure to identify and capture trading opportunities • Refine pricing, execution, and risk management approaches to improve trading performance • Conduct post-trade analysis to evaluate decisions, optimize strategies, and drive systematic improvements • Contribute to the development of tools, monitoring, and processes that enhance trading stability and scalability • Partner closely with risk management, researchers and developers during live trading and high-pressure situations You will be right at home if you have • Proven experience as an Index Options Trader, with exposure to US markets or similar equity derivatives • Strong track record of trading performance and disciplined risk management • Deep understanding of options theory, volatility, and market microstructure • Comfortable trading both systematic and discretionary when required • Calm under pressure, with the ability to quickly diagnose and act on trading problems • Strong analytics, detail-oriented, and proactive in identifying improvements • Strong communicator who thrives in a collaborative, team-based environment • Passionate about markets, with a continuous drive to learn and improve     The annual base salary range for this position is $250,000 to $300,000 depending on the candidate’s experience, qualifications, and relevant skill set. The position is also eligible for an annual discretionary bonus.  In addition, DRW offers a comprehensive suite of employee benefits including group medical, pharmacy, dental and vision insurance, 401k (with discretionary employer match), short and long-term disability, life and AD&D insurance, health savings accounts, and flexible spending accounts. For more information about DRW's processing activities and our use of job applicants' data, please view our Privacy Notice at https://drw.com/privacy-notice . California residents, please review the California Privacy Notice for information about certain legal rights at https://drw.com/california-privacy-notice . [#LI-AC]  

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